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Newsletter

2018 2nd Edition (Other Editions)

LONG TERM CARE NEEDS

As people grow older, they should begin to make plans for later years. It is important to think about retirement and those activities you would like to pursue. It is important also to think about the possibility that, at some time, you or a loved one might require some help with ordinary everyday activities or need care over an extended period. 

Ordinary health insurance does not cover long term care. There are, however, long term care insurance policies available in the marketplace. It is important to understand how the costs of long term care are paid and how to evaluate your needs and private insurance options that may be available to you. 


WHERE THE NEED ARISES

Usually when people think of long term care, they think of nursing homes. Long term care means more than nursing home care. It means, for example, home health, personal care or help with chores. It can also mean a community program such as an adult day care center or in a nursing home. However, some people may have limited financial resources available and this is a major factor in one's ability to obtain the care or services needed.

If an illness or disability made it impossible for you to carry on as you do today, would you know how to find help? Do you know what services cost? Do you know what protection your current private insurance coverage offer regarding long term care? 

Long term care is distinguishable from acute care such as that provided in a hospital. It refers to the level of care needed by those people with chronic illness or disability requiring continued support. 

Private long term care insurance differs from the usual health care insurance with which most people are familiar. Long term care insurance is one way to cover the costs of caring for the chronically ill not typically covered by health insurance plans. It appears to be one option that makes up for the lack of public funding programs. 


HOW SERIOUS IS THE NEED?

Long term care has become the greatest health care need of older people. It represents the primary catastrophic health care expense today. The likelihood of chronic illness or disability increases with age. The nature of services required may vary widely. People may need help around the house, with shopping, or with transportation. They may need personal care (such as help with bathing or dressing), rehabilitative care such as that following a stroke or intensive long term skilled nursing care. Some may be fortunate enough to have family and friends to help. For many, however, the cost of receiving needed care and services can reach devastating proportions. 

The only way to avoid crisis decision making and to cope with exorbitant financial demands is to plan ahead by thinking about your potential needs, your personal preferences and the costs associated with your choices. 

In summary, those services most likely to be covered by existing programs are those that are of a medical nature provided in an acute care setting (e.g., hospital). These programs typically are not able to address the needs of an Alzheime's victim, a person with crippling arthritis, a person whose rehabilitation potential following a stroke is limited or a person with extensive vision impairment. That continually increasing segment of the population coping with chronic and disabling conditions is virtually "on its own."

The private sector has begun to respond to these gaps in the financing system. Long term care insurance represents one response. In planning for potential long term care needs, consumers must be informed about how to evaluate policies based on individual needs and preferences.